REGINA, Sept. 2, 2015 /CNW/ -
Information Services Corporation (TSX:ISV), ("ISC" or the
"Company") today completed its acquisition of 30 per cent of the
issued and outstanding voting, common shares of OneMove
Technologies Inc. ("OneMove") for CAD$3.3
million. ISC will use existing cash to finance the
investment through a wholly owned subsidiary.
ISC recognizes OneMove and its econveyance™ software
as an industry-leading online, subscription-based solution that
offers a secure and efficient means of managing real property
transactions. It simplifies and expedites the process of buying and
selling real property by connecting legal professionals, lenders
and insurers throughout the conveyancing process. The
econveyance™ solution is available in British Columbia, Alberta and, most recently, Ontario.
OneMove has continued to experience revenue and earnings growth
in 2015. Through this investment in OneMove, ISC expects to
participate in a growing, complementary business, consistent with
its growth strategy.
Under the terms of the revised unanimous shareholders' agreement
among the shareholders of OneMove, ISC will be entitled to
proportional board representation and pre-emptive rights to
maintain its 30 per cent interest, as well as participation in or
approval rights for certain fundamental decisions respecting
OneMove and its business.
ISC sought and obtained clearance for the transaction from the
Commissioner of Competition.
About ISC
ISC is an experienced provider of registry and information
services for government, individuals and private sector business.
As the exclusive provider of the land titles, surveys, personal
property and corporate registries for Saskatchewan, the Company maintains and
operates these registries, which are key supporters of economic
activity in the province.
Cautionary Note regarding Forward-Looking Information
This news release contains forward-looking information within
the meaning of applicable Canadian Securities legislation,
including statements with respect to the expected future
opportunities for growth of OneMove business. All statements other
than statements of historical fact are forward-looking statements.
Forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those expressed or implied by such
forward-looking information. Although ISC believes the
forward-looking information contained in this release is based upon
reasonable assumptions, readers are cautioned not to place undue
reliance on forward-looking information as it is inherently
uncertain and no assurance can be given that the expectations
reflected in such information will prove to be correct. Many
factors and risks could cause our actual results to differ
materially from those expressed or implied by forward-looking
information including those detailed in ISC's Annual Information
Form, dated March 17, 2015, ISC's
unaudited condensed Consolidated Financial Statements and Notes and
Management's Discussion and Analysis for the quarter ended
June 30, 2015, as well as other
documents filed by ISC with Canadian securities regulators through
SEDAR (www.sedar.com) from time to time. Investors and others
should carefully consider the above-noted factors and risks and
other uncertainties and potential events. The forward-looking
information in this release is made as of the date hereof and,
except as required under applicable securities legislation, ISC
assumes no obligation to update or revise such information to
reflect new events or circumstances.
SOURCE Information Services Corporation